Bryan Ferry also turned it down. And I think Cy Curnin (from The Fixx) was in the mix to perform it at one time as well. I remember at the time that there was a lot of division in the band about having to record it (A&M apparently put some pressure on the band do to it), and that lead to Forbes and McGee leaving.
It would be interesting to see what direction the band would have gone had they stayed intact.
Well, they're going to sound like themselves, aren't they? Anthrax covering Joe Jackson's “Got The Time” still sounded like Anthrax. I think it was the fact that they didn't write it was the sticking point. Same thing happened with Berlin, when they did “Take My Breath Away” for the Top Gun soundtrack - it messed with their identity, performing someone else's song rather than their own stuff, and threw off the dynamics in the band.